Are you concerned with the new tax laws? Used to be you could leave up to $1000,000 worth of property in a trust and property taxes remained the same for beneficiaries. Now you can leave only your primary residence to a beneficiary who must also claim the house as his or her primary residence to have assessed property value remain the same.

 

All other properties will be reassessed and beneficiary will now be stuck with much higher property tax. All this is destroying the middle class.

4 minutes ago, EVENKEEL said:

 Now you can leave only your primary residence to a beneficiary who must also claim the house as his or her primary residence to have assessed property value remain the same.

Have a link to this? 

 

My older sister with multiple medical problems and without children or a husband has told my brother and I when she goes she's leaving her home to us. And when it comes to inheritance tax I know very little. 

10 minutes ago, bbko said:

Have a link to this? 

 

My older sister with multiple medical problems and without children or a husband has told my brother and I when she goes she's leaving her home to us. And when it comes to inheritance tax I know very little. 

A talk with an attorney now could save lots of money later. Best to avoid probate.

 

Just recently did a will and this is what my Attorney told me about Prop 19 which passed a few years back.

 

 

 

https://ballotpedia.org/California_Proposition_19,_Property_Tax_Transfers,_Exemptions,_and_Revenue_for_Wildfire_Agencies_and_Counties_Amendment_(2020)

Ahhh, I take it this is a California thing? Thanks for the link but not applicable to my situation (Arizona). But I will learn what I can about tax laws & inheritance as the old saying goes "Two things you can't avoid...death and taxes" and this situation covers both.

35 minutes ago, bbko said:

Ahhh, I take it this is a California thing? Thanks for the link but not applicable to my situation (Arizona). But I will learn what I can about tax laws & inheritance as the old saying goes "Two things you can't avoid...death and taxes" and this situation covers both.

Yeah, forgot to include Calif. in title. Hopefully other states have better laws. Calif is being governed by people who are intent on taking away from the people.

16 hours ago, EVENKEEL said:

Yeah, forgot to include Calif. in title. Hopefully other states have better laws. Calif is being governed by people who are intent on taking away from the people.

Maybe Calif. wants to balance the budget?

Prop 13 certainly contributed to the "death" of the middle class in CA.

 

 

On 11/19/2021 at 10:30 PM, bbko said:

My older sister with multiple medical problems and without children or a husband has told my brother and I when she goes she's leaving her home to us. And when it comes to inheritance tax I know very little. 

 

Proper estate planning is a must, both for asset protection (e.g. Medicaid Look-Back) of the older generation (in your family), and for the transfer of wealth. It's worth a few thousand dollars. Start early, very early. Also get a PoA in place.